Regional Bank Crisis Spreads To Big Banks As PacWest, US Bancorp Tumble, Stocks Dump Amid Widespread Liquidations
Regional Bank Crisis Spreads To Big Banks As PacWest, US Bancorp Tumble, Stocks Dump Amid Widespread Liquidations Update (10:50am): Moments after the FT report which sent WAL shared plunging to $11 (after closing at $30 yesterday), the company rushed out a press release to announce that the FT article is “absolutely false” Western Alliance Bancorporation […]
White House Rejects Kremlin Statement US “Undoubtedly” Behind Drone Attack On Kremlin
White House Rejects Kremlin Statement US “Undoubtedly” Behind Drone Attack On Kremlin The Kremlin issued a formal accusation against the United States for helping Ukraine conduct yesterday’s ‘assassination attempt’ on President Vladimir Putin via drone strike. “Attempts to disown this, both in Kyiv and in Washington, are, of course, absolutely ridiculous. We know very well […]
A “Pause” That Does Not Refresh
A “Pause” That Does Not Refresh By Michael Every of Rabobank Yes, the Fed embraced a “Possible Pause”, as Philip Marey puts it, after hiking rates 25bps to 5.25% as expected. That’s not the early autumn rate cuts the market is pricing for while saying ‘Hike in May then go the other way’. Indeed, Powell […]
Which Jobs Will Be Most Impacted By ChatGPT?
Which Jobs Will Be Most Impacted By ChatGPT? On November 30, 2022, OpenAI heralded a new era of artificial intelligence (AI) by introducing ChatGPT to the world. The AI chatbot stunned users with its human-like and thorough responses. ChatGPT could comprehend and answer a variety of different questions, make suggestions, research and write essays and briefs, and […]
Initial Jobless Claims Jump Near 18 Month High
Initial Jobless Claims Jump Near 18 Month High Two days after an unexpectedly weak JOLTS report, and one day ahead of tomorrow’s closely watched April payrolls report, when the US is expected to add just 182K jobs, down from 236K, this morning the BLS reported that in the latest week, the number of initial jobless […]
Brace For Rate Impact As Fed Drops Duration Shield
Brace For Rate Impact As Fed Drops Duration Shield Authored by Simon White, Bloomberg macro strategist, The full force of the rate-hiking cycle is about to be felt across the economy as the Federal Reserve pulls back from warehousing duration risk, leaving the private non-bank sector acutely exposed to higher rates, and credit spreads prone […]
Russia Says US Behind Overnight Drone Attack On Oil Refinery
Russia Says US Behind Overnight Drone Attack On Oil Refinery While all eyes were on the small drone attack against Kremlin buildings in Moscow yesterday, given Russian allegations of an assassination attempt against President Putin, a separate but very significant cross-border strike was reported in southern Russia overnight. Multiple drones targeted an oil refinery in […]
What If The Fed Has Lost Control?
What If The Fed Has Lost Control? Authored by Charles Hugh Smith via OfTwoMinds blog, When this bubble bursts, there will be no fourth or fifth bubble, there will only be rubble. The US economy and its financial system operate under the implicit belief that the Federal Reserve controls the direction of the economy and […]
ECB Hikes Rates By 25bps (As Expected), Warns “Inflation Continues To Be Too High For Too Long”
ECB Hikes Rates By 25bps (As Expected), Warns “Inflation Continues To Be Too High For Too Long” As expected (and fully priced-in), The ECB slowed its pace of rate-hikes, matching The Fed’s 25bps move yesterday, taking the key rate to 3.25%, after its preferred inflation measure eased for the first time in 10 months. The […]